BrandywineGLOBAL - Global Flexible Income Fund

highlights

  • An actively managed, global fixed income strategy that seeks a high level of income by investing across the fixed income spectrum
  • Combines a top-down, value-oriented, and macro-driven investment approach with fundamental issuer research to allocate across credit quality, sector allocations, and securities
  • Multiple sources of yield are pursued to generate income; derivatives may be used to enhance credit exposure and to seek to mitigate downside risk

Prior to December 29, 2017, this fund was known as Legg Mason BW Global Flexible Income Fund.

meet your managers

Acting with conviction and discipline, we look beyond short-term, conventional thinking to rigorously pursue long-term value across differentiated fixed income, equity, and alternative solutions.


Gary P. Herbert, CFA (industry since 1992), Brian Kloss, JD, CPA (industry since 1995),  Jack P. McIntyre, CFA (industry since 1981), Anujeet Sareen, CFA (industry since 1994) and Tracy Chen, CFA (industry since 1997) co-manage your fund.

Acting with conviction and discipline, Brandywine Global looks beyond short-term, conventional thinking to rigorously pursue long-term value. The firm values intellectual curiosity, respects diverse viewpoints, and invites candid discussion to make better investment decisions. Since 1986, Brandywine Global has provided a range of differentiated institutional and retail fixed income, equity, and alternative solutions from offices in the U.S., Europe, and Asia.

Legg Mason's unique structure provides you with access to this specialized expertise. We offer a powerful portfolio of solutions through our independent investment management firms.

Gary P. Herbert, CFA

Portfolio Manager

Brian Kloss, JD, CPA

Portfolio Manager

Jack P. McIntyre, CFA

Portfolio Manager

Anujeet Sareen, CFA

Portfolio Manager

Tracy Chen, CFA

Portfolio Manager, Structured Credit

To find out more about the BrandywineGLOBAL - Global Flexible Income Fund, talk to your financial advisor.

Learn more about how to invest with Legg Mason

What I Should Know
Before Investing

Fixed-income securities involve interest rate, credit, inflation, and reinvestment risks; and possible loss of principal. As interest rates rise, the value of fixed-income securities falls. High yield bonds are subject to greater price volatility, illiquidity, and possibility of default. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Equity securities are subject to price fluctuation and possible loss of principal. Derivatives, such as options and futures, can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. The Fund may use derivatives to a significant extent, which could result in substantial losses and greater volatility in the fund’s net assets. Leverage may increase volatility and possibility of loss.  Active and frequent trading may increase a shareholder’s tax liability and transaction costs, which could detract from fund performance. As a non-diversified Fund, it is permitted to invest a higher percentage of its assets in any one issuer than a diversified fund, which may magnify the Fund’s losses from events affecting a particular issuer. The manager’s investment style may become out of favor and/or the manager’s selection process may prove incorrect, which may have a negative impact on the Fund’s performance. Active management does not ensure gains or protect against market declines. 

Tapering of the Federal Reserve Board's quantitative easing program and a general rise in interest rates may lead to increased portfolio volatility.

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IMPORTANT PERFORMANCE INFORMATION: The performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. For performance data including the effects of sales charges, Class A and A2 shares reflect the deduction of a maximum front-end sales charge of 4.25%. Class C1 shares have no initial or contingent deferred sales charge (CDSC), but are subject to a 12b-1 fee. One-year returns for Class C shares reflect a CDSC of 1.0%. Total return figures are based on the NAV per share applied to shareholder subscriptions and redemptions, which may differ from the NAV per share disclosed in Fund shareholder reports. Performance would have been lower if fees had not been waived in various periods.

Different minimums may apply to clients of certain service agents. See the Fund's prospectus for additional information.

An investor cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses or sales charges.

This fund is the successor to an institutional account (the “Predecessor”). The performance shown prior to 06/01/16 is that of the Predecessor. Immediately prior to the fund commencing operations, the Predecessor transferred its assets to the fund in exchange for the fund’s Class IS shares. The investment policies, objectives, guidelines and restrictions of the fund are in all material respects equivalent to those of the Predecessor. In addition, the Predecessor’s portfolio managers are the current portfolio managers of the fund. As a mutual fund registered under the Investment Company Act of 1940, the fund is subject to certain restrictions under the 1940 Act to which the Predecessor was not subject. As a regulated investment company under the Internal Revenue Code of 1986, as amended (the “Code”), the fund is subject to certain restrictions under the Code to which the Predecessor was not subject. Had the Predecessor been registered under the 1940 Act and been subject to the provisions of the 1940 Act, its investment performance could have been adversely affected. Similarly, had the Predecessor been subject to provisions of the Code applicable to regulated investment companies, its investment performance may have been adversely affected. Predecessor performance is shown net of an annual management fee of 0.80% and other expenses of 0.10% which reflects the expenses of the Predecessor. The Predecessor did not have distribution policies. The Predecessor was an unregistered private fund, did not qualify as a regulated investment company for federal income tax purposes and did not pay dividends or distributions.

Net Asset Value (NAV): An investment option’s net asset value (“NAV”) per unit or unit price is calculated by dividing the value of its net assets by the total number of units outstanding. 

Effective September 1, 2017, the Fund changed its security pricing methodology to now use the mean value of the bid and ask prices (of underlying fund holdings) to calculate the NAV. Funds may show a one-time increase of the NAV, which is due to this change in pricing methodology.

**Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, I & IS reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Dec 31, 2019 without Board consent.

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Weighted Average Life (WAL) is the average number of years for which each dollar of unpaid principal on a loan or mortgage remains outstanding. Once calculated, WAL tells how many years it will take to pay half of the outstanding principal. 

Effective duration is a duration calculation for bonds with embedded options. Effective duration takes into account that expected cash flows will fluctuate as interest rates change. Duration measures the sensitivity of price (the value of principal) of a fixed-income investment to a change in interest rates. The higher the duration number, the more sensitive a fixed-income investment will be to interest rate changes.

Credit quality is a measure of a bond issuer's ability to repay interest and principal in a timely manner. The credit ratings shown are based on each portfolio security's rating as provided by Standard and Poor's, Moody's Investors Service and/or Fitch Ratings, Ltd. and typically range from AAA (highest) to D (lowest), or an equivalent and/or similar rating. For this purpose, Brandywine Global Investment Management assigns each security the middle rating from these three agencies. When only two agencies provide ratings, the lower of the two ratings will be assigned. When only one agency assigns a rating, that rating will be used. Securities that are unrated by all three agencies are reflected as such. The credit quality of the investments in the Funds portfolio does not apply to the stability or safety of the Fund. These ratings are updated monthly and may change over time. Please note, the Fund itself has not been rated by an independent rating agency.

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IMPORTANT HOLDINGS INFORMATION: Portfolio holdings are based on total portfolio, and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security. Any negative allocations or allocations in excess of 100% are primarily due to unsettled trade activities.

Derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses and have a potentially large impact on Fund performance.

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The per share distribution amounts presented above reflect the distribution rates that were paid to shareholders on the indicated payable dates. The character of distributions for certain funds may have been subsequently adjusted for tax purposes. Shareholders can determine which funds may have reclassified the tax character of distributions by visiting the Tax Center in Account Services. Information on reclassifications for distributions paid during the current calendar year will not be available until the first quarter of the following year.

An XBRL file is not a fund's complete prospectus. XBRL is an interactive data format and is provided in addition to a fund's prospectus and annual and semi-annual reports linked to this page. An XBRL file is not viewable without a viewer tool. A viewer tool is available on the SEC website at www.sec.gov. You can download an XBRL zip file and view it on the SEC website or use the data for analysis with any comparison tool.

IMPORTANT INFORMATION: All investments involve risk, including loss of principal. Past performance is no guarantee of future results. Please see each product’s web page for specific details regarding investment objective, risks, performance and other important information. Review this information carefully before you make any investment decision.

Carefully consider a fund’s investment objectives, risks, charges and expenses before investing. Please view the prospectus or summary prospectus for this and other information. Read it carefully.

FINANCIAL ADVISORS: Please note that not all share classes may be available for sale at your firm. Please call the Legg Mason Sales Desk 1-800-822-5544 or your Legg Mason Sales contact for more information.

An XBRL file is not a fund's complete prospectus. XBRL is an interactive data format and is provided in addition to a fund's prospectus and annual and semi-annual reports linked to this page. An XBRL file is not viewable without a viewer tool. A viewer tool is available on the SEC website at www.sec.gov. You can download an XBRL zip file and view it on the SEC website or use the data for analysis with any comparison tool.

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